Rigetti Computing (NASDAQ:RGTI) Stock Price Down 2.9% - Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) dropped 2.9% during trading on Thursday . The company traded as low as $13.51 and last traded at $13.43. Approximately 45,131,462 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 176,715,938 shares. The stock had previously closed at $13.83.

Analyst Ratings Changes

RGTI has been the subject of a number of recent analyst reports. Needham & Company LLC reiterated a "buy" rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Craig Hallum assumed coverage on shares of Rigetti Computing in a report on Friday, December 20th. They issued a "buy" rating and a $12.00 target price for the company. Benchmark restated a "buy" rating and set a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. Finally, B. Riley increased their target price on Rigetti Computing from $4.00 to $8.50 and gave the stock a "buy" rating in a research note on Tuesday, January 14th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rigetti Computing currently has an average rating of "Buy" and an average target price of $5.70.

Rigetti Computing Price Performance

The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The stock's fifty day moving average price is $11.33 and its two-hundred day moving average price is $4.71. The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of -29.85 and a beta of 1.26.

Insider Activity at Rigetti Computing

In other news, Director Michael S. Clifton sold 125,000 shares of the firm's stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $4.00, for a total transaction of $500,000.00. Following the completion of the transaction, the director now directly owns 1,188,864 shares of the company's stock, valued at $4,755,456. This trade represents a 9.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the business's stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total value of $945,603.75. Following the completion of the transaction, the insider now directly owns 19,002,093 shares of the company's stock, valued at approximately $30,973,411.59. This trade represents a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 955,125 shares of company stock valued at $2,449,354 in the last three months. 2.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors have recently modified their holdings of RGTI. Penserra Capital Management LLC increased its stake in shares of Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company's stock valued at $3,565,000 after acquiring an additional 407,389 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Rigetti Computing by 20.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company's stock valued at $2,837,000 after purchasing an additional 617,506 shares in the last quarter. State Street Corp lifted its position in Rigetti Computing by 12.9% during the third quarter. State Street Corp now owns 2,715,223 shares of the company's stock valued at $2,126,000 after buying an additional 309,831 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Rigetti Computing by 15.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,329,590 shares of the company's stock worth $20,290,000 after buying an additional 179,656 shares during the period. Finally, Bank of New York Mellon Corp increased its position in shares of Rigetti Computing by 27.4% in the fourth quarter. Bank of New York Mellon Corp now owns 446,692 shares of the company's stock worth $6,817,000 after acquiring an additional 96,099 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company's stock.

Rigetti Computing Company Profile

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.